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Rathbones acquires stake in Cornish financial planning firm

Rathbones has acquired a 19.9 per cent holding in Cornish IFA firm Vision Financial planning and sister company Castle Investment Solutions with a view to acquiring the remainder of both businesses in 2015.

The initial deal is for £2m with the stakes being purchased from the founders of Vision and Castle, Roger Edwards and Paul Sweaton, and their spouses.

Rathbones has entered into a series of options with the founders of both firms which would entitle the private client stockbroker to acquire the remaining 80.1 per cent of Vision and of Castle in 2015 for a mixture of cash and Rathbones’ ordinary shares with a further potential deferred element payable at the start of 2018.

If Rathbones does not exercise this option the founders have the chance to buy back the shares for the original £2m paid.

Vision is an independent specialist financial advice network focusing on high net worth private clients and with whom Rathbone Investment Management Limited has an existing discretionary fund management panel relationship. Castle operates as a sister company to Vision, providing it with certain administrative services.



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